Libertine Holdings PLC (AIM:LIB) has provided an update on trading and operations for the six months ended 30 September 2022, ahead of the announcement of its half-year results, during which it delivered £0.6mln of commercial revenues (H12021/22: £0.1mln).
The company noted that it has continued to deliver engineering services to customers across Europe and the US, with increasing engagement with prospective Original Equipment Manufacturers (OEM) clients and manufacturing partners in the UK, US, Europe and India.
Libertine said it remains focused on securing long-term relationships with OEMs, manufacturing and strategic development partners, and supporting OEM development programmes via engineering services ahead of licensing its technology for high-volume manufacture.
In the trading update, Sam Cockerill, chief executive of Libertine, commented: "We are pleased to have delivered continued technical progress in the period with the completion of our performance validation prototype, which will now begin combustion testing with MAHLE Powertrain. We are excited about demonstrating the performance benefits and bringing our technology to market.
"Over the period, we have continued to deliver on our commercial contracts, strengthen our team and enhance our relationships with OEMs and strategic partners. We look forward to providing further updates on commercial and technical progress over the coming months."
First-half highlights:
- Performance validation prototype design and manufacture been completed ahead of combustion testing with MAHLE Powertrain from Q3 of FY2022/23.
- Awarded additional grant funding contract to support further development with MAHLE Powertrain, including fuel system adaptations to demonstrate clean combustion of Hydrogen and fuel flexibility to use Compressed Natural Gas (CNG) in heavy-duty hybrid powertrains.
- Partnership with Italian engine developer OFFICINA MOTO ITALIA to create downsized, power-dense Linear Generator products using renewable fuels.
- Memorandum of Understanding (MOU) entered into with Ashok Leyland to evaluate the use of Libertine's technology platform for its commercial vehicle powertrains.
- Agreement of the novation of its Master Consultancy Services Agreement with the General Electric Company to Hyliion Holdings Corp. Hyliion has engaged Libertine to support the development of the electrical linear generator for the KARNO generator, to be deployed in Hyliion's Hypertruck powertrain platform.
- Formation of US subsidiary IntelliGEN Inc to support expanding customer interest and operations in USA.
- Continued strengthening of the team including the appointment of Peter Wright as an independent non-executive director.
- Award of London Stock Exchange's Green Economy Mark, recognising the company's contribution to the transition to Net Zero and the essential role of its technology in the decarbonisation of 'hard to electrify' transport applications.
Founded in 2009 and admitted to trading on the AIM market of the London Stock Exchange in December 2021, Libertine has developed a technology platform solution for powertrain OEMs, enabling efficient and clean power generation from renewable fuels.
Libertine's linear electrical machines, controls and developer tools together form a technology platform (intelliGEN) which the company provides to customers for the development of clean, highly efficient and fuel-flexible Linear Generator products. The platform is a result of over a decade of development of Linear Generator technology with multiple successful client-led programmes.